0001136261-14-000356.txt : 20140806 0001136261-14-000356.hdr.sgml : 20140806 20140806164525 ACCESSION NUMBER: 0001136261-14-000356 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20140630 FILED AS OF DATE: 20140806 DATE AS OF CHANGE: 20140806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROVISION INC CENTRAL INDEX KEY: 0000065770 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 911600822 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34170 FILM NUMBER: 141020545 BUSINESS ADDRESS: STREET 1: 6244 185TH AVE NE CITY: REDMOND STATE: WA ZIP: 98052 BUSINESS PHONE: 425-936-6847 MAIL ADDRESS: STREET 1: 6244 185TH AVE NE CITY: REDMOND STATE: WA ZIP: 98052 10-Q 1 form10q.htm 10-Q June 30, 2014 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2014

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to _________

Commission file number    001-34170

MicroVision, Inc.
(Exact name of Registrant as Specified in its Charter)

 
Delaware
91-1600822
  (State or Other Jurisdiction of Incorporation or Organization) 
(I.R.S. Employer Identification Number)

6244 185th Avenue NE, Suite 100
Redmond, Washington    98052
(Address of Principal Executive Offices, including Zip Code)

(425) 936-6847
(Registrant's Telephone Number, including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days. YES    x        NO    ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES    x        NO    ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer    ¨

Accelerated filer    ¨

Non-accelerated filer    ¨
(Do not check if a smaller reporting company)

Smaller reporting company    x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). YES    ¨        NO    x

As of August 1, 2014, 43,511,000 shares of the Company's common stock, $0.001 par value, were outstanding.

 

Page

Part I: Financial Information

  

Item 1. Financial Statements:

  
   

Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013 (unaudited)

2

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013 (unaudited)

3

Condensed Consolidated Statements of Shareholders' Equity (Deficit) for the six months ended June 30, 2014 and the twelve months ended December 31, 2013 (unaudited)

4

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013 (unaudited)

5

Notes to Condensed Consolidated Financial Statements (unaudited)

6
   

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

11

Item 3. Quantitative and Qualitative Disclosures About Market Risk

15

Item 4. Controls and Procedures

16
   

Part II: Other Information

  

Item 1. Legal Proceedings

16

Item 1A. Risk Factors

17

Item 6. Exhibits

22

Signatures

23

Exhibit Index

24

1

MicroVision, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)

          June 30,         December 31,
      2014     2013
Assets            
Current assets            
     Cash and cash equivalents   $ 12,464    $ 5,375 
     Accounts receivable, net     54      24 
     Inventory     31      49 
     Other current assets     547      336 
          Total current assets     13,096      5,784 
             
Property and equipment, net     893      1,065 
Restricted cash     435      435 
Intangible assets     1,079      1,145 
Other assets     18      18 
               Total assets   $ 15,521    $ 8,447 
             
Liabilities and Shareholders' Equity            
Current liabilities            
     Accounts payable   $ 1,715    $ 1,610 
     Accrued liabilities     2,118      2,455 
     Billings in excess of costs and estimated earnings on uncompleted contracts     120      680 
     Warrant liability     -      4,902 
     Current portion of capital lease obligations     -      15 
          Total current liabilities     3,953      9,662 
Deferred rent, net of current portion     557      481 
          Total liabilities     4,510      10,143 
             
Commitments and contingencies            
             
Shareholders' Equity (Deficit)            
     Preferred stock, par value $.001; 25,000 shares authorized; 0 and            
          0 shares issued and outstanding     -      - 
     Common stock, par value $.001; 100,000 shares authorized; 43,507 and            
          32,069 shares issued and outstanding     44      32 
     Additonal paid-in capital     473,095      448,981 
     Accumulated deficit     (462,128)     (450,709)
          Total shareholders' equity (deficit)     11,011      (1,696)
               Total liabilities and shareholders' equity (deficit)   $ 15,521    $ 8,447 

The accompanying notes are an integral part of these financial statements.

2

MicroVision, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Development revenue   $ 268    $ 880    $ 1,461    $ 1,180 
Product revenue     19      917      28      2,136 
Contract revenue     324      73      341      355 
     Total revenue     611      1,870      1,830      3,671 
                         
Cost of product revenue     33      837      23      1,501 
Cost of contract revenue     135      26      144      163 
     Total cost of revenue     168      863      167      1,664 
                         
Gross margin     443      1,007      1,663      2,007 
                         
Research and development expense     2,236      2,339      4,779      4,591 
Sales, marketing, general and administrative expense     1,869      2,101      3,828      4,504 
Gain on disposal of fixed assets     (28)     -      (28)     (2)
Gain on sale of previously reserved inventory     (228)     (1)     (455)     (6)
     Total operating expenses     3,849      4,439      8,124      9,087 
Loss from operations     (3,406)     (3,432)     (6,461)     (7,080)
Loss on warrant exchange     -      -      (4,967)     - 
Other income (expense)     5      (4)     9      (10)
Net loss   $ (3,401)   $ (3,436)   $ (11,419)   $ (7,090)
                         
Net loss per share - basic and diluted   $ (0.08)   $ (0.13)   $ (0.29)   $ (0.27)
                         
Weighted-average shares outstanding - basic and diluted     43,015      26,493      38,951      25,870 

The accompanying notes are an integral part of these financial statements.

3

MicroVision, Inc.
Condensed Consolidated Statements of Shareholders' Equity (Deficit)
(In thousands,except per share data)
(Unaudited)

    Shareholders' Equity (Deficit)
                             
    Common Stock     Additional           Total
          Par     paid-in     Accumulated     Shareholders'
    Shares     value     capital     deficit     equity (deficit)
Balance at December 31, 2012   25,237    $ 25    $ 442,560    $ (437,531)   $ 5,054 
Share-based compensation expense   323      -      1,589      -      1,589 
Exercise of options   23      -      41      -      41 
Sales of common stock and warrants   6,128      7      4,255      -      4,262 
Exchange of warrants   358      -      536      -      536 
Net loss   -      -      -      (13,178)     (13,178)
Balance at December 31, 2013   32,069      32      448,981      (450,709)     (1,696)
Share-based compensation expense   97      -      523      -      523 
Sales of common stock and warrants   7,628      8      13,726      -      13,734 
Exchange of warrants   3,713      4      9,865      -      9,869 
Net loss   -      -      -      (11,419)     (11,419)
Balance at June 30, 2014   43,507    $ 44    $ 473,095    $ (462,128)   $ 11,011 

The accompanying notes are an integral part of these financial statements.

4

MicroVision, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

      Six Months Ended
      June 30,
      2014     2013
Cash flows from operating activities            
     Net loss   $ (11,419)   $ (7,090)
     Adjustments to reconcile net loss to net cash used in operations:            
          Depreciation     250      486 
          Amortization of intangible assets     66      79 
          Gain on disposal of property and equipment     (28)     (2)
          Non-cash share-based compensation expense     506      481 
          Realized loss on warrant exchange     4,967      - 
          Inventory write-downs     25      303 
          Non-cash deferred rent     (31)     - 
          Change in:            
               Accounts receivable, net     (30)     27 
               Inventory     (7)     150 
               Other current assets     (194)     899 
               Other assets     -      4 
               Accounts payable     19      (1,046)
               Accrued liabilities     (230)     (771)
               Deferred revenue     -      (581)
               Billings in excess of costs and estimated earnings on uncompleted contracts     (560)     765 
               Net cash used in operating activities     (6,666)     (6,296)
             
Cash flows from investing activities            
     Decrease in restricted investment     -      1 
     Proceeds on sale of property and equipment     28      2 
     Purchases of property and equipment     (109)     (86)
               Net cash used in investing activities     (81)     (83)
             
Cash flows from financing activities            
     Principal payments under capital leases and long-term debt     (15)     (75)
     Net proceeds from issuance of common stock and warrants     13,851      5,607 
               Net cash provided by financing activities     13,836      5,532 
Net increase (decrease) in cash and cash equivalents     7,089      (847)
Cash and cash equivalents at beginning of period     5,375      6,850 
Cash and cash equivalents at end of period   $ 12,464    $ 6,003 
             
Supplemental disclosure of cash flow information            
     Cash paid for interest   $ 1    $ 8 
             
Supplemental schedule of non-cash investing and financing activities            
     Other non-cash additions to property and equipment   $ 29    $ 386 
             
     Issuance of common stock for exchange of warrants   $ 9,869    $ - 
             
     Warrant liability   $ -    $ 3,755 

The accompanying notes are an integral part of these financial statements.

5

MicroVision, Inc.
Notes to Condensed Consolidated Financial Statements
June 30, 2014
(Unaudited)

1. MANAGEMENT'S STATEMENT AND PRINCIPLES OF CONSOLIDATION

Management's Statement

The Condensed Consolidated Balance Sheet as of June 30, 2014, the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013, the Condensed Consolidated Statements of Shareholders' Equity (Deficit), and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2014 and the results of operations and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.

We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from contract revenues, collaborative research and development agreements and product sales. At June 30, 2014, we had $12.5 million in cash and cash equivalents.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations through the fourth quarter of 2014. We will require additional cash to fund our operating plan past that time.

We plan to obtain additional cash through the issuance of equity or debt securities. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially. This limitation of operations could include reducing our planned investment in development projects resulting in reductions in staff, operating costs, property and equipment expenditures and investment in research and development.

Our capital requirements will depend on many factors, including, but not limited to, the rate at which original equipment manufacturers (OEMs) or original device manufacturers (ODMs) introduce products incorporating the PicoP® display and image capture technologies and the market acceptance and competitive position of such products. If revenues are less than anticipated, if the mix of revenues vary from anticipated amounts or if expenses exceed the amounts budgeted, we may require additional capital earlier than expected to further the development of our technologies, for expenses associated with product development, and to respond to competitive pressures or to meet unanticipated development difficulties. In addition, our operating plan provides for the development of strategic relationships with systems and equipment manufacturers that may require additional investments by us.

We have received a report from our independent registered public accounting firm regarding the consolidated financial statements for the year ended December 31, 2013 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. These consolidated financial statements are prepared assuming the Company will continue as a going concern.

6

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and was engaged in advanced research and development activities and operation support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2014.

2. NET LOSS PER SHARE

Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares. Diluted net loss per share for the three and six months ended June 30, 2014 and 2013 is equal to basic net loss per share because the effect of all potential common stock outstanding during the periods, including options, warrants and nonvested equity shares is anti-dilutive. The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Numerator:                        
Net loss available for common shareholders - basic and diluted   $ (3,401)   $ (3,436)   $ (11,419)   $ (7,090)
                         
Denominator:                        
Weighted-average common shares outstanding - basic and diluted       43,015      26,493      38,951      25,870 
                         
Net loss per share - basic and diluted     $ (0.08)   $ (0.13)   $ (0.29)   $ (0.27)

We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Publicly Traded Warrants Exercisable     -      753,000      -      753,000 
Options and Private Warrants Exercisable     9,048,000      7,612,000      9,048,000      7,612,000 
Nonvested Equity Shares     60,000      215,000      60,000      215,000 
Total     9,108,000      8,580,000      9,108,000      8,580,000 

3. CONCENTRATION OF SALES TO MAJOR CUSTOMERS

For the three and six months ended June 30, 2014, two commercial customers accounted for 90% and 95% of our total revenue, respectively. Three commercial customers accounted for 92% of our net accounts receivable balance at June 30, 2014. For the three and six months ended June 30, 2013, two commercial customers accounted for approximately 93% and 89% of our total revenue, respectively. The accounts receivable balance from these customers was approximately 98% of our net accounts receivable balance at June 30, 2013.

7

4. INVENTORY

Inventory consists of the following:

          June 30,         December 31,
      2014     2013
Raw materials   $ 5,000    $ 23,000 
Finished goods     26,000      26,000 
    $ 31,000    $ 49,000 

The inventory at June 30, 2014 and December 31, 2013 consisted of components and finished goods primarily composed of our accessory pico projectors. Inventory is stated at the lower of cost or market. Management periodically assesses the need to provide for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when required. In addition, we reduce the value of our inventory to its estimated scrap value when management determines that it is not probable that the inventory will be consumed through the normal course of business during the next twelve months. During the six months ended June 30, 2014, we recorded inventory write-downs of $25,000. In 2013, we recorded inventory write-downs of $303,000. At June 30, 2014 and December 31, 2013, we have recorded aggregate write-downs of $7,605,000 and $7,964,000, respectively, offsetting inventory deemed to be obsolete or scrap inventory. From time to time, we may enter into arrangements to sell the obsolete or scrap inventory, or enter into consignment agreements with third-parties to sell the units, resulting in a gain in the period such transactions are realized.

5. SHARE-BASED COMPENSATION

We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award. The following table shows the amount of share-based compensation expense included in the consolidated statements of operations:

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Cost of contract revenue   $ -    $ -    $ -    $ 4,000 
Cost of product revenue     -      -      -      1,000 
Research and development expense     (127,000)     (72,000)     (13,000)     88,000 
Sales, marketing, general and administrative expense     328,000      168,000      519,000      388,000 
Total share-based employee compensation expense   $ 201,000    $ 96,000    $ 506,000    $ 481,000 

Options Activity and Positions

The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2014:

              Weighted      
              Average      
          Weighted   Remaining      
          Average   Contractual     Aggregate
          Exercise   Term     Intrinsic
Options   Shares     Price   (years)     Value
Outstanding as of June 30, 2014   2,522,000    $ 6.68    7.8    $ 287,000 
                     
Exercisable as of June 30, 2014   929,000    $ 14.67    5.4    $ 70,000 

As of June 30, 2014, our unamortized share-based employee compensation was $1.4 million which we plan to amortize over the next 2.7 years and our unamortized share-based compensation related to restricted stock units was $89,000 which we plan to amortize over the next 0.9 years.

8

6. COMMITMENTS AND CONTINGENCIES

Litigation

On March 31, 2014, Asia Optical Co., Inc., a supplier pursuant to an agreement entered into in 2008, filed a complaint for arbitration with the American Arbitration Association claiming that we ordered products from them and failed to take delivery of and pay for such products. The relief sought in the complaint is $3.6 million plus attorneys' fees, interest and arbitration costs. We are defending against the claim. An adverse outcome of these proceedings could materially and adversely affect our financial condition. At this stage, we cannot predict the likelihood of an unfavorable outcome or the range of potential loss.

We are also subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any other legal proceedings that management believes are reasonably possible to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Adverse purchase commitments

We have periodically entered into noncancelable purchase contracts in order to ensure the availability of materials to support production of products based on our PicoP display technology. We periodically assess the need to provide for impairment on these purchase contracts and record a loss on purchase commitments when required. As of June 30, 2014 and December 31, 2013 we had $500,000 accrued for adverse purchase commitments related to these purchase contracts.

7. COMMON STOCK AND WARRANTS

In June 2014, we entered into an At-the-Market (ATM) equity offering agreement with Meyers Associates, L.P. Under the agreement we may, from time to time, at our discretion offer and sell shares of our common stock having an aggregate value of up to $4.5 million. During June 2014, we received proceeds of approximately $1.0 million before issuance costs of approximately $96,000 from the sale of 468,000 shares of our common stock.

In March 2014, we raised $13.9 million before issuance costs of approximately $1.0 million through an underwritten offering of 7.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. Each unit was sold to investors for $1.94 and consisted of one share of common stock and one warrant to purchase 0.3 shares of common stock. The warrants have an exercise price of $2.47 per share, are exercisable beginning six months from the date of issuance, and expire on the fifth anniversary of the date of issuance.

In September 2013, we raised $6.6 million before issuance costs of approximately $452,000 from the sale of 3.5 million shares of common stock and warrants to purchase up to an aggregate of 2.1 million shares of our common stock in a registered direct offering.

In May 2013, we raised $5.85 million before issuance costs of approximately $362,000 from the sale of 2.6 million shares of common stock and warrants to purchase up to an aggregate of 2.0 million shares of our common stock in a registered direct offering.

In February 2014, we issued 3,713,309 shares of our common stock under the exchange provisions of warrants issued in our May and September 2013 registered direct offerings. During the six months ended June 30, 2014, we recognized a loss of $5.0 million on the exchange as the fair market value of the common stock issued was greater than the obligation recorded due to an increase in our stock price since December 31, 2013.

9

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers, an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards and GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and improve guidance for multiple-element arrangements. ASU 2014-09 will be effective in the first quarter of fiscal 2017 and may be applied on a full retrospective or modified retrospective approach. We are still evaluating the impact of implementation of this standard on our financial statements.

 

 

10

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The information set forth in this report in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Item 3, "Quantitative and Qualitative Disclosure about Market Risk," includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is subject to the safe harbor created by those sections. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for product development and cooperative arrangements, technology development by third parties, future operations, financing needs or plans of MicroVision , as well as assumptions relating to the foregoing. The words "anticipate," "could," "would," "believe," "estimate," "expect," "goal," "may," "plan," "project," "will," and similar expressions identify forward-looking statements. Factors that could cause actual results to differ materially from those projected in our forward-looking statements include risk factors identified below in Item 1A.

Overview

We are developing our proprietary PicoP® display technology which can be used by our customers to create high-resolution miniature laser display and imaging engines. Our PicoP display technology uses our widely patented expertise in two dimensional Micro-Electrical Mechanical Systems (MEMS), lasers, optics, and electronics to create a high quality video or still image from a small form factor device with lower power needs than conventional display technologies. Our strategy is to develop and supply PicoP display technology directly or through licensing arrangements to original device manufacturers (ODMs) and original equipment manufacturers (OEMs) in various market segments, including consumer electronics and automotive, for integration into their products.

Our ingredient brand strategy is to focus our efforts on licensing our technology and selling display engine components to partners who will produce display engines based on PicoP display technology and either sell those display engines to OEMs, or incorporate the engines into their own products.

Our development efforts are focused on improving the performance of display engines through the improvement of engine system, hardware and software design, and the performance of various components of the display engine. We also provide engineering support to our customers as they prepare to manufacture display engines as well as providing support to ODMs and OEMs during the integration and optimization of PicoP display technology for specific products.

The primary objective for consumer applications is to provide users of mobile devices such as smartphones, tablets and other consumer electronics products with a large screen viewing experience produced by a small projector either embedded in the device or via a companion product. These potential products would allow users to watch movies and videos, play games, and display images and other data onto a variety of surfaces, freeing users from the limitations of a small screen.

PicoP display technology could also be combined with other components and systems to be embedded into a vehicle or integrated into a portable standalone head-up display (HUD). HUD technology allows for important information, such as safety warnings or navigation instructions, to be projected so that it appears in front of vehicle operators where the information can be accessed without taking their eyes off the road.

We also see potential for PicoP display technology in other areas, although we are not currently working with customers. PicoP display technology could be combined with other components and systems to be incorporated into a pair of glasses to provide the mobile user with a see-through or occluded personal display to view movies, play games or access other content. Devices enabled by PicoP display technology could be used in field-based professions such as service repair or sales to view and share information such as schematics for equipment repair, sales data, orders or contact information on a larger, more user-friendly display. We also see potential for embedding PicoP display technology in industrial products where our displays could be used for 3D measuring and digital signage, enhancing the overall user experience of these applications.

We develop and procure intellectual property rights relating to our technology as a key aspect of our business strategy. We generate intellectual property from our internal research and development activities and our ongoing performance on development contracts. We also have acquired exclusive rights to various technologies under licensing and acquisition agreements.

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We have incurred substantial losses since inception and expect to incur a substantial loss during the fiscal year ending December 31, 2014.

Results of Operations

Development revenue.

(in thousands)     2014     2013     $ change     % change
Three months ended June 30   $ 268    $ 880    $ (612)     (69.5)
Six months ended June 30   $ 1,461    $ 1,180    $ 281      23.8 

We earn development revenue from performance on collaborative research and development agreements with commercial customers researching and developing commercial applications for our technology. Our contributions under the collaborative agreements generally include research services, components, and prototype devices and fixtures. Our development revenue from such agreements in a particular period is dependent upon the values and timing of agreements, the availability of technical resources to perform the work, and achievement of mutually agreed upon contractual milestones. We evaluate the performance criteria and terms of our collaborative research and development agreements to determine whether revenue should be recognized under a performance-based method or milestone method.

In March 2013, we entered into a $4.6 million collaborative research and development agreement with a prominent electronics company to incorporate our PicoP display technology into a display engine that could enable a variety of new products. During the three and six months ended June 30, 2014, $268,000 and $1.5 million of revenue, respectively, was recognized on this agreement. During the three and six months ended June 30, 2013, $880,000 and $1.2 million of revenue, respectively, was recognized on this agreement. As of June 30, 2014, we have recognized cumulative revenue for work performed under the collaborative research and development agreement of $4.4 million.

Based on the terms of this agreement, we recognize development revenue as work progresses on the agreement and as our customer accepts the deliverables using a proportional method based on the lesser of the cumulative proportion of total planned costs to be incurred under the agreement versus the cash payments received plus outstanding billings for work accepted by the customer. Since collaborative agreements generally require some level of technology development, the actual costs required to complete a contract can vary from estimates. The proportional revenue recognition method we use for collaborative research and development agreements includes adjustments for revisions to estimated total agreement costs. Each period, we evaluate the total estimated costs for each agreement. Any adjustments that result from revisions to the estimated costs are recognized in the period we become aware of changes. In the future, revisions in these estimates could significantly impact recognized revenue in any one reporting period.

Our backlog of collaborative research and development agreements at June 30, 2014 was $230,000 compared to $3.4 million at June 30, 2013. The backlog is scheduled for completion during the third quarter of 2014.

Product revenue.

(in thousands)     2014     2013     $ change     % change
Three months ended June 30   $ 19    $ 917    $ (898)     (97.9)
Six months ended June 30   $ 28    $ 2,136    $ (2,108)     (98.7)

Product revenue primarily includes sales of components under our ingredient brand business model. Product revenue during the three and six months ended June 30, 2013 primarily included sales of components to a former customer.

Our product sales generally include acceptance provisions. We recognize product revenue upon acceptance of the product by the customer or expiration of the contractual acceptance period, after which there are no rights of return. Provisions are made for warranties at the time revenue is recorded. Warranty expense was not material for any periods presented.

Product revenue was lower during the three and six months ended June 30, 2014 than the same periods in 2013, as a result of lower component sales. The backlog of product orders at June 30, 2014 was approximately $147,000, compared to $282,000 at June 30, 2013. The product backlog is scheduled for delivery within the next twelve months.

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Contract revenue.

(in thousands)     2014     2013     $ change     % change
Three months ended June 30   $ 324    $ 73    $ 251      343.8 
Six months ended June 30   $ 341    $ 355    $ (14)     (3.9)

We earn contract revenue from the sale of prototype units and evaluation kits based on our PicoP display engine and sales of test equipment built specifically for use in PicoP display engine production. Our contract revenue in a particular period is dependent upon when we enter into a contract, the value of the contracts we have entered into, and the availability of technical resources to perform work on the contracts.

We recognize contract revenue upon acceptance of the deliverables by the customer or expiration of the contractual acceptance period, after which there are no rights of return.

Our contract backlog at June 30, 2014 was $722,000 compared to $104,000 at June 30, 2013. The backlog is scheduled for completion during the next twelve months.

Cost of product revenue.

            % of           % of            
            product           product            
(in thousands)     2014     revenue     2013     revenue     $ change     % change
Three months ended June 30   $ 33      173.7    $ 837      91.3    $ (804)     (96.1)
Six months ended June 30     23      82.1      1,501      70.3      (1,478)     (98.5)

Cost of product revenue includes the direct and allocated indirect cost of manufacturing products sold to customers. Direct costs include labor, materials and other costs incurred directly in the manufacture of these products. Indirect costs include labor, manufacturing overhead, and other costs associated with operating our manufacturing capabilities and capacity. Manufacturing overhead includes the costs of procuring, inspecting and storing material, and facility and depreciation costs, and is allocated to cost of product revenue based on the proportion of direct material purchased to support production.

Cost of product revenue was lower during the three and six months ended June 30, 2014 than the same periods in 2013 primarily because of the reduced product sales. During the six months ended June 30, 2014, we recorded inventory write-downs of $25,000 compared to $303,000 in the same period in 2013.

The cost of product revenue as a percentage of product revenue can fluctuate significantly from period to period, depending on the product mix and volume, the level of overhead expense and the volume of direct material purchased. It decreased substantially during the three and six months ended June 30, 2014 from the same periods in 2013 due to decreased unit volume and the release of the warranty reserve in 2014.

Cost of contract revenue.

            % of           % of            
            contract           contract            
(in thousands)     2014     revenue     2013     revenue     $ change     % change
Three months ended June 30   $ 135      41.7    $ 26      35.6    $ 109      419.2 
Six months ended June 30     144      42.2      163      45.9      (19)     (11.7)

Cost of contract revenue includes both the direct and allocated indirect costs of producing prototype units, evaluation kits, and test equipment. Direct costs include labor, materials and other costs incurred directly in producing prototype units and evaluation kits or performing on a contract. Indirect costs include labor and other costs associated with operating our research and development department and building our technical capabilities and capacity. Cost of contract revenue is determined by the level of direct and indirect costs incurred, which can fluctuate substantially from period to period. The cost of revenue as a percentage of revenue can fluctuate significantly from period to period, depending on the contract cost mix and the levels of direct and indirect costs incurred.

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Research and development expense.

(in thousands)     2014     2013     $ change     % change
Three months ended June 30   $ 2,236    $ 2,339    $ (103)     (4.4)
Six months ended June 30     4,779      4,591      188      4.1 

Research and development expense consists of compensation related costs of employees and contractors engaged in internal research and product development activities, direct material to support development programs, laboratory operations, outsourced development and processing work, and other operating expenses. Research and development expense includes costs associated with our work under collaborative research and development arrangements. We allocate our research and development resources based on the business opportunity of the available projects, the skill mix of the resources available and the contractual commitments we have made to customers.

We believe that a substantial level of continuing research and development expense will be required to further develop our technology and to support our customers to integrate our technology into their products under the ingredient brand business model. Accordingly, we anticipate our level of research and development spending will continue to be substantial.

The decrease in research and development expense during the three months ended June 30, 2014, compared to the same period in 2013, is primarily attributable to a higher allocation of direct costs and overhead costs to cost of contract revenue.

The increase in research and development expense during the six months ended June 30, 2014, compared to the same period in 2013, is primarily attributable to higher direct material and equipment purchases associated with our collaborative research and development arrangement.

Sales, marketing, general and administrative expense.

(in thousands)     2014     2013     $ change     % change
Three months ended June 30   $ 1,869    $ 2,101    $ (232)     (11.0)
Six months ended June 30     3,828      4,504      (676)     (15.0)

Sales, marketing, general and administrative expense includes compensation and support costs for marketing, sales, management and administrative staff, and for other general and administrative costs, including legal and accounting services, consultants and other operating expenses.

The decrease in sales, marketing, general and administrative expense during the three and six months ended June 30, 2014, compared to the same periods in 2013, is primarily due to decreased payroll costs and reduced purchased services and depreciation expense.

Gain on sale of previously reserved inventory.

(in thousands)     2014     2013     $ change     % change
Three months ended June 30   $ 228    $ 1    $ 227      22,700.0 
Six months ended June 30     455      6      449      7,483.3 

Gain on sale of previously reserved inventory includes the sales of excess component inventory for discontinued products which was fully reserved in prior periods. The increase during 2014, compared to 2013, is due to increased sales volume.

Loss on warrant exchange.
(in thousands)     2014     2013     $ change     % change
Three months ended June 30   $ -    $ -    $ -      -  
Six months ended June 30     (4,967)     -      (4,967)     -  

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In February 2014, we issued 3,713,309 shares of our common stock under the exchange provisions of the warrants issued in our May and September 2013 registered direct offerings. During the six months ended June 30, 2014, we recorded a loss of $5.0 million on the exchange as the fair market value of the common stock issued was greater than the obligation recorded due to an increase in our stock price since December 31, 2013.

Liquidity and Capital Resources

We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from contract revenues, collaborative research and development agreements and product sales. At June 30, 2014, we had $12.5 million in cash and cash equivalents.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations through the fourth quarter of 2014. We will require additional cash to fund our operating plan past that time. We plan to obtain additional cash through the issuance of equity or debt securities. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially. This limitation of operations could include reducing our planned investment in development projects resulting in reductions in staff, operating costs, property and equipment expenditures and investment in research and development.

We received a report from our independent registered public accounting firm regarding the consolidated financial statements for the year ended December 31, 2013 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. These financial statements are prepared assuming we will continue as a going concern.

Cash used in operating activities totaled $6.7 million during the six months ended June 30, 2014, compared to $6.3 million during the same period in 2013. The increase in net cash used in operating activities was primarily driven by reduced cash receipts from customers during the first six months of 2014 compared to the same period in 2013.

Net cash used in investing activities totaled $81,000 for the six months ended June 30, 2014 compared to net cash used in investing activities of $83,000 during the six months ended June 30, 2013. During the six months ended June 30, 2014, we used cash of $109,000 for capital expenditures, compared to $86,000 during the same period in 2013.

Net cash provided by financing activities totaled $13.8 million for the six months ended June 30, 2014 compared to $5.5 million during the same period in 2013.

In June 2014, we entered into an At-the-Market (ATM) equity offering agreement with Meyers Associates, L.P. Under the agreement we may, from time to time, at our discretion offer and sell shares of our common stock having an aggregate value of up to $4.5 million. During June 2014, we received proceeds of approximately $1.0 million before issuance costs of approximately $96,000 from the sale of approximately 468,000 shares of our common stock.

In March 2014, we raised $13.9 million before issuance costs of approximately $1.0 million through an underwritten offering of 7.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. Each unit was sold to investors for $1.94 and consisted of one share of common stock and one warrant to purchase 0.3 shares of common stock. The warrants have an exercise price of $2.47 per share, are exercisable beginning six months from the date of issuance, and expire on the fifth anniversary of the date of issuance.

In May 2013, we raised $5.85 million before issuance costs of approximately $362,000 from the sale of 2.6 million shares of common stock and warrants to purchase up to an aggregate of 2.0 million shares of our common stock in a registered direct offering.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate and Market Liquidity Risks

As of June 30, 2014, all of our cash and cash equivalents have variable interest rates. Therefore, we believe our exposure to market and interest rate risks is not material.

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Our investment policy generally directs that the investment managers should select investments to achieve the following goals: principal preservation, adequate liquidity and return. As of June 30, 2014, our cash and cash equivalents are comprised of short-term highly rated money market savings accounts.

The values of cash and cash equivalents by maturity date as of June 30, 2014, are as follows:

(amount in thousands)     Amount     Percent  
Cash and cash equivalents   $ 12,464      100.00  %
Less than one year     -      -   %
    $ 12,464      100.00  %

Foreign Exchange Rate Risk

All of our contract and collaborative research and development agreements payments are currently made in U.S. dollars. However, in the future we may enter into contracts or collaborative research and development agreements in foreign currencies that may subject us to foreign exchange rate risk. We have purchase orders and supply agreements in foreign currencies and may enter into such arrangements from time to time in the future. We believe our exposure to currency fluctuations related to these arrangements is not material. We may enter into foreign currency hedges to offset material exposure to currency fluctuations when we can adequately determine the timing and amounts of the exposure.

ITEM 4. CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of the end of the period covered by this report and, based on this evaluation, our principal executive officer and principal financial officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

On March 31, 2014, Asia Optical Co., Inc., a supplier pursuant to an agreement entered into in 2008, filed a complaint for arbitration with the American Arbitration Association claiming that we ordered products from them and failed to take delivery of and pay for such products. The relief sought in the complaint is $3.6 million plus attorneys' fees, interest and arbitration costs. We are defending against the claim. An adverse outcome of these proceedings could materially and adversely affect our financial condition. At this stage, the Company cannot predict the likelihood of an unfavorable outcome or the range of potential loss.

We are also subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any other legal proceedings that management believes are reasonably possible to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

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ITEM 1A - RISK FACTORS

Risk Factors Relating to the MicroVision Business

We have a history of operating losses and expect to incur significant losses in the future.

We have had substantial losses since our inception. We cannot assure you that we will ever become or remain profitable.

  • As of June 30, 2014, we had an accumulated deficit of $462.1 million.
  • We incurred consolidated net losses of $450.7 million from inception through 2013 and a net loss of $11.4 million in the six months ended June 30, 2014.

The likelihood of our success must be considered in light of the expenses, difficulties and delays frequently encountered by companies formed to develop and commercialize new technologies. In particular, our operations to date have focused primarily on research and development of our technology platform and development of demonstration units. We are unable to accurately estimate future revenues and operating expenses based upon historical performance.

We cannot be certain that we will succeed in obtaining additional development revenue or commercializing our technology or products. In light of these factors, we expect to continue to incur substantial losses and negative cash flow at least through 2014 and likely thereafter. We cannot be certain that we will achieve positive cash flow at any time in the future.

We will require additional capital to fund our operations and to implement our business plan. If we do not obtain additional capital, we may be required to curtail our operations substantially. Raising additional capital may dilute the value of current shareholders' shares.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations through the fourth quarter of 2014. We will require additional cash to fund our operating plan past that time. We plan to obtain additional cash through the issuance of equity or debt securities.

We are introducing new technology into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. Our capital requirements will depend on many factors, including, but not limited to, the rate at which original equipment manufacturers and original device manufacturers introduce products incorporating PicoP display technology and the market acceptance and competitive position of such products. If revenues are less than we anticipate, if the mix of revenues varies from anticipated amounts or if expenses exceed the amounts budgeted, we may require additional capital earlier than expected to fund our operations. In addition, our operating plan provides for the development of strategic relationships with suppliers of components, products and systems, and equipment manufacturers that may require additional investments by us.

Additional capital may not be available to us, or if available, on terms acceptable to us or on a timely basis. Raising additional capital may involve issuing securities with rights and preferences that are senior to our common stock and may dilute the value of current shareholders' shares. If adequate funds are not available on a timely basis we may consider limiting our operations substantially to extend out funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and property and equipment expenditures. Reducing operations may jeopardize our ability to achieve our business goals or satisfy our customers.

We are dependent on third parties in order to develop, manufacture, sell and market our products.

Our strategy for commercializing our technology and products incorporating PicoP® display technology includes entering into development, manufacturing, sales and marketing arrangements with corporate partners, original equipment manufacturers and other third parties. We cannot be certain that we will be able to negotiate arrangements on acceptable terms, if at all, or that these arrangements will be successful in yielding commercially viable products. If we cannot establish these arrangements, we would require additional capital to undertake such activities on our own and would require extensive manufacturing, sales and marketing expertise that we do not currently possess and that may be difficult to obtain. In addition, we could encounter significant delays in introducing PicoP display technology or find that the development, manufacture or sale of products incorporating a display engine with PicoP technology would not be feasible. To the extent that we enter into development, manufacturing, sales and marketing or other joint venture arrangements, our revenues will depend upon the performance of third parties. We cannot be certain that any such arrangements will be successful.

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We cannot be certain that our technology platform or products incorporating PicoP® display technology will achieve market acceptance. If products incorporating PicoP display technology do not achieve market acceptance, our revenues may not grow.

Our success will depend in part on customer acceptance of PicoP display technology. PicoP display technology may not be accepted by manufacturers who use display technologies in their products, by systems integrators who incorporate our products into their products or by end users of these products. To be accepted, PicoP display technology must meet the expectations of our potential customers in the consumer, automotive, and other markets. If our technology fails to achieve market acceptance, we may not be able to continue to develop our technology platform.

Future products based on our PicoP® display technology are dependent on advances in technology by other companies.

Our PicoP display technology will continue to rely on technologies, such as light sources, MEMS and optical components that are developed and produced by other companies. The commercial success of certain future products based on our technology will depend in part on advances in these and other technologies by other companies. We may, from time to time, contract with and support companies developing key technologies in order to accelerate the development of them for our or our customers' specific uses. There are no guarantees that such activities will result in useful technologies or products for us.

We are dependent on a small number of customers for our revenue. Our quarterly performance may vary substantially and this variance, as well as general market conditions, may cause our stock price to fluctuate greatly and potentially expose us to litigation.

Since 2010, most of our revenues have been generated from a limited number of customers. For the six months ended June 30, 2014, two commercial customers accounted for 95% of our revenue. In 2013, 86% of our revenue was generated from sales to two commercial companies. Our quarterly operating results may vary significantly based on:

  • commercial acceptance of products based on PicoP display technology;
  • changes in evaluations and recommendations by any securities analysts following our stock or our industry generally;
  • announcements by other companies in our industry;
  • changes in business or regulatory conditions;
  • announcements or implementation by our competitors of technological innovations or new products;
  • the status of particular development programs and the timing of performance under specific development agreements;
  • economic and stock market conditions; or
  • other factors unrelated to our company or industry.

In one or more future quarters, our results of operations may fall below the expectations of securities analysts and investors and the trading price of our common stock may decline as a consequence. In addition, following periods of volatility in the market price of a company's securities, shareholders often have instituted securities class action litigation against that company. If we become involved in a class action suit, it could divert the attention of management, and, if adversely determined, could require us to pay substantial damages.

We or our customers may fail to perform under open orders, which could adversely affect our operating results and cash flows. 

Our backlog of open orders totaled $1.1 million as of June 30, 2014. We may be unable to meet the performance requirements, including performance specifications or delivery dates, required by such purchase orders.  Further, our customers may be unable or unwilling to perform their obligations thereunder on a timely basis or at all if, among other reasons, our products and technologies do not achieve market acceptance, our customers' products and technologies do not achieve market acceptance or our customers otherwise fail to achieve their operating goals.  To the extent we are unable to perform under such purchase orders or to the extent customers are unable or unwilling to perform, our operating results and cash flows could be adversely affected.

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It may become more difficult to sell our stock in the public market or maintain our listing on the NASDAQ Global Market.

Our common stock is listed for quotation on The NASDAQ Global Market. To keep our listing on this market, we must meet NASDAQ's listing maintenance standards. If we are unable to continue to meet NASDAQ'S listing maintenance standards for any reason, our common stock could be delisted from The NASDAQ Global Market. If our common stock were delisted, we likely would seek to list the common stock on The NASDAQ Capital Market, the NYSE MKT or on a regional stock exchange. Listing on such other market or exchange could reduce the liquidity of our common stock. If our common stock were not listed on The NASDAQ Capital Market or an exchange, trading of our common stock would be conducted in the over-the-counter market on an electronic bulletin board established for unlisted securities or directly through market makers in our common stock. If our common stock were to trade in the over-the-counter market, an investor would find it more difficult to dispose of, or to obtain accurate quotations for the price of, the common stock. A delisting from The NASDAQ Global Market and failure to obtain listing on such other market or exchange would subject our securities to so-called penny stock rules that impose additional sales practice and market-making requirements on broker-dealers who sell or make a market in such securities. Consequently, removal from The NASDAQ Global Market and failure to obtain listing on another market or exchange could affect the ability or willingness of broker-dealers to sell or make a market in our common stock and the ability of purchasers of our common stock to sell their securities in the secondary market. In addition, when the market price of our common stock is less than $5.00 per share, we become subject to penny stock rules even if our common stock is still listed on The NASDAQ Global Market. While the penny stock rules should not affect the quotation of our common stock on The NASDAQ Global Market, these rules may further limit the market liquidity of our common stock and the ability of investors to sell our common stock in the secondary market. The market price of our stock has traded below $5.00 per share during 2014 and 2013. On August 1, 2014, the closing price of our stock was $2.02.

Our lack of financial and technical resources relative to our competitors may limit our revenues, potential profits, overall market share or value.

Our current products and potential future products will compete with established manufacturers of existing products and companies developing new technologies. Many of our competitors have substantially greater financial, technical and other resources than we have. Because of their greater resources, our competitors may develop products or technologies that are superior to our own. The introduction of superior competing products or technologies could result in reduced revenues, lower margins or loss of market share, any of which could reduce the value of our business.

We may not be able to keep up with rapid technological change and our financial results may suffer.

The information display industry has been characterized by rapidly changing technology, accelerated product obsolescence and continuously evolving industry standards. Our success will depend upon our ability to further develop our technology platform and to cost effectively introduce new products and features in a timely manner to meet evolving customer requirements and compete with competitors' product advances.

We may not succeed in these efforts because of:

  • delays in product development;
  • lack of market acceptance for our products; or
  • lack of funds to invest in product development and marketing.

The occurrence of any of the above factors could result in decreased revenues, market share and value.

We could face lawsuits related to our use of PicoP® display technology or other technologies. Defending these suits would be costly and time consuming. An adverse outcome in any such matter could limit our ability to commercialize our technology and products, reduce our revenues and increase our operating expenses.

We are aware of several patents held by third parties that relate to certain aspects of light scanning displays and image capture products. These patents could be used as a basis to challenge the validity, limit the scope or limit our ability to obtain additional or broader patent rights of our patents or patents we have licensed. A successful challenge to the validity of our patents or patents we have licensed could limit our ability to commercialize our technology or display engines enabled by PicoP display technology and, consequently, materially reduce our revenues. Moreover, we cannot be certain that patent holders or other third parties will not claim infringement by us with respect to current and future technology. Because U.S. patent applications are held and examined in secrecy, it is also possible that presently pending U.S. applications will eventually be issued with claims that will be infringed by our products or our technology. The defense and prosecution of a patent suit would be costly and time consuming, even if the outcome were ultimately favorable to us. An adverse outcome in the defense of a patent suit

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could subject us to significant costs, to require others and us to cease selling products that incorporate PicoP display technology, to cease licensing our technology or to require disputed rights to be licensed from third parties. Such licenses, if available, would increase our operating expenses. Moreover, if claims of infringement are asserted against our future co-development partners or customers, those partners or customers may seek indemnification from us for damages or expenses they incur.

If we fail to manage expansion effectively, our revenue and expenses could be adversely affected.

Our ability to successfully offer products and implement our business plan in a rapidly evolving market requires an effective planning and management process. The growth in business and relationships with customers and other third parties has placed, and will continue to place, a significant strain on our management systems and resources. We will need to continue to improve our financial and managerial controls, reporting systems and procedures and will need to continue to train and manage our work force.

Our products may be subject to future health and safety regulations that could increase our development and production costs.

Products incorporating PicoP display technology could become subject to new health and safety regulations that would reduce our ability to commercialize PicoP display technology. Compliance with any such new regulations would likely increase our cost to develop and produce products using PicoP display technology and adversely affect our financial results.

Our operating results may be adversely impacted by worldwide political and economic uncertainties and specific conditions in the markets we address.

In the recent past, general worldwide economic conditions have experienced a downturn due to slower economic activity, concerns about inflation, increased energy costs, decreased consumer confidence, reduced corporate profits and capital spending, and adverse business conditions. Any continuation or worsening of the current global economic and financial conditions could materially adversely affect (i) our ability to raise, or the cost of, needed capital, (ii) demand for our current and future products and (iii) our ability to commercialize products. We cannot predict the timing, strength, or duration of any economic slowdown or subsequent economic recovery, worldwide, or in the display industry.

Because we plan to continue using foreign contract manufacturers, our operating results could be harmed by economic, political, regulatory and other factors in foreign countries.

We currently use foreign manufacturers and plan to continue to use foreign manufacturers to manufacture future products, where appropriate. These international operations are subject to inherent risks, which may adversely affect us, including:

  • political and economic instability;
  • high levels of inflation, historically the case in a number of countries in Asia;
  • burdens and costs of compliance with a variety of foreign laws;
  • foreign taxes;
  • changes in tariff rates or other trade and monetary policies; and
  • changes or volatility in currency exchange rates.

Qualifying a new contract manufacturer or foundry for our products could cause us to experience delays that result in lost revenues and damaged customer relationships.

We rely on single suppliers to manufacture our products, including our MEMS chips in wafer form. The lead time required to establish a relationship with a new contract manufacturer or foundry is long, and it takes time to adapt a product's design to a particular manufacturer's processes. Accordingly, there is no readily available alternative source of supply for these products and components in high volumes. Changing our source of supply and manufacture could cause significant delays in shipping products which may result in lost revenues and damaged customer relationships.

Our success will depend, in part, on our ability to secure significant third-party manufacturing resources.

Our success depends, in part, on our ability to provide our components and future products in commercial quantities at competitive prices. Accordingly, we will be required to obtain access, through business partners or contract manufacturers, to manufacturing capacity and processes for the commercial production of our expected future products. We cannot be certain that we will successfully obtain access to needed manufacturing resources. Future manufacturing limitations of our suppliers could result in a limitation on the number of products incorporating our technology that we are able to produce.

20

If our licensors and we are unable to obtain effective intellectual property protection for our products and technology, we may be unable to compete with other companies.

Intellectual property protection for our products is important and uncertain. If we do not obtain effective intellectual property protection for our products, processes and technology, we may be subject to increased competition. Our commercial success will depend in part on our ability and the ability of our licensors to maintain the proprietary nature of the PicoP display and other key technologies by securing valid and enforceable patents and effectively maintaining unpatented technology as trade secrets. We try to protect our proprietary technology by seeking to obtain United States and foreign patents in our name, or licenses to third-party patents, related to proprietary technology, inventions, and improvements that may be important to the development of our business. However, our patent position and the patent position of our licensors involve complex legal and factual questions. The standards that the United States Patent and Trademark Office and its foreign counterparts use to grant patents are not always applied predictably or uniformly and can change. Additionally, the scope of patents are subject to interpretation by courts and their validity can be subject to challenges and defenses, including challenges and defenses based on the existence of prior art. Consequently, we cannot be certain as to the extent to which we will be able to obtain patents for our new products and technology or the extent to which the patents that we already own or license from others protect our products and technology. Reduction in scope of protection or invalidation of our licensed or owned patents, or our inability to obtain new patents, may enable other companies to develop products that compete with ours on the basis of the same or similar technology.

We also rely on the law of trade secrets to protect unpatented know-how and technology to maintain our competitive position. We try to protect this know-how and technology by limiting access to the trade secrets to those of our employees, contractors and partners with a need to know such information and by entering into confidentiality agreements with parties that have access to it, such as our employees, consultants and business partners. Any of these parties could breach the agreements and disclose our trade secrets or confidential information, or our competitors might learn of the information in some other way. If any trade secret not protected by a patent were to be disclosed to or independently developed by a competitor, our competitive position could be materially harmed.

We could be exposed to significant product liability claims that could be time-consuming and costly, divert management attention and adversely affect our ability to obtain and maintain insurance coverage.

We may be subject to product liability claims if any of our product applications are alleged to be defective or cause harmful effects. For example, because some of our PicoP displays are designed to scan a low power beam of colored light into the user's eye, the testing, manufacture, marketing and sale of these products involve an inherent risk that product liability claims will be asserted against us. Product liability claims or other claims related to our products, regardless of their outcome, could require us to spend significant time and money in litigation, divert management time and attention, require us to pay significant damages, harm our reputation or hinder acceptance of our products. Any successful product liability claim may prevent us from obtaining adequate product liability insurance in the future on commercially desirable or reasonable terms. An inability to obtain sufficient insurance coverage at an acceptable cost or otherwise to protect against potential product liability claims could prevent or inhibit the commercialization of our products.

Our contracts and collaborative research and development agreements have long sales cycles, which make it difficult to plan our expenses and forecast our revenues.

Our contracts and collaborative research and development agreements have lengthy sales cycles that involve numerous steps including determination of a product application, exploring the technical feasibility of a proposed product, evaluating the costs of manufacturing a product and manufacturing or contracting out the manufacturing of the product. Our long sales cycle, which can last several years, makes it difficult to predict the quarter in which contract signing and revenue recognition will occur. Delays in entering into contracts and collaborative research and development agreements could cause significant variability in our revenues and operating results for any particular quarterly period.

Our contracts and collaborative research and development agreements may not lead to any products or products that will be profitable.

Our contracts and collaborative research and development agreements, including without limitation those discussed in this document, are exploratory in nature and are intended to develop new types of products for new applications. These efforts may prove unsuccessful and these relationships may not result in the development of products that will be profitable.

21

If we lose our rights under our third-party technology licenses, our operations could be adversely affected.

Our business depends in part on technology rights licensed from third parties. We could lose our exclusivity or other rights to use the technology under our licenses if we fail to comply with the terms and performance requirements of the licenses. In addition, certain licensors may terminate a license upon our breach and have the right to consent to sublicense arrangements. If we were to lose our rights under any of these licenses, or if we were unable to obtain required consents to future sublicenses, we could lose a competitive advantage in the market, and may even lose the ability to commercialize certain products completely. Either of these results could substantially decrease our revenues.

Loss of any of our key personnel could have a negative effect on the operation of our business.

Our success depends on our executive officers and other key personnel and on the ability to attract and retain qualified new personnel. Achievement of our business objectives will require substantial additional expertise in the areas of sales and marketing, research and product development and manufacturing. Competition for qualified personnel in these fields is intense, and the inability to attract and retain additional highly skilled personnel, or the loss of key personnel, could reduce our revenues and adversely affect our business.

ITEM 6. Exhibits

10.1

2013 MicroVision, Inc. Incentive Plan(1).

31.1

Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema

101.CAL

XBRL Taxonomy Extension Calculation Linkbase

101.DEF

XBRL Taxonomy Extension Definition Linkbase

101.LAB

XBRL Taxonomy Extension Label Linkbase

101.PRE

XBRL Taxonomy Extension Presentation Linkbase

(1) Incorporated by reference to the Company's Form S-8 filed on June 27, 2014.

22

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MICROVISION, INC.

Date: August 6, 2014

BY:

/s/ Alexander Y. Tokman
   

Alexander Y. Tokman
   

Chief Executive Officer
(Principal Executive Officer)

Date: August 6, 2014

BY: 

/s/ Stephen P. Holt
   

Stephen P. Holt
   

Chief Financial Officer
(Principal Financial Officer, Principal Accounting Officer)

 

 

 

 

23

EXHIBIT INDEX

The following documents are filed herewith.

Exhibit
Number

Description

10.1

2013 MicroVision, Inc. Incentive Plan(1).

31.1

Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema

101.CAL

XBRL Taxonomy Extension Calculation Linkbase

101.DEF

XBRL Taxonomy Extension Definition Linkbase

101.LAB

XBRL Taxonomy Extension Label Linkbase

101.PRE

XBRL Taxonomy Extension Presentation Linkbase

(1) Incorporated by reference to the Company's Form S-8 filed on June 27, 2014.

 

 

 

24

EX-31.1 2 exh31-1.htm CEO 302 CERTFICATE June 30, 2014 10-Q Exhibit 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO
RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alexander Y. Tokman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MicroVision, Inc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 6, 2014

/s/ Alexander Y. Tokman

Alexander Y. Tokman
Chief Executive Officer

EX-31.2 3 exh31-2.htm CFO 302 CERTFICATE June 30, 2014 10-Q Exhibit 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO
RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen P. Holt, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MicroVision, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 6, 2014

/s/ Stephen P. Holt

Stephen P. Holt
Chief Financial Officer

EX-32.1 4 exh32-1.htm CEO 906 CERTFICATE June 30, 2014 10-Q Exhibit 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as chief executive officer of MicroVision, Inc. (the "Company"), does hereby certify that to the undersigned's knowledge:

1)    the Company's Form 10-Q for the quarter ended June 30, 2014 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)    the information contained in the Company's Form 10-Q for the quarter ended June 30, 2014 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 6, 2014

/s/ Alexander Y. Tokman

Alexander Y. Tokman
Chief Executive Officer

EX-32.2 5 exh32-2.htm CFO 906 CERTFICATE June 30, 2014 10-Q Exhibit 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as chief financial officer of MicroVision, Inc. (the "Company"), does hereby certify that to the undersigned's knowledge:

1)    the Company's Form 10-Q for the quarter ended June 30, 2014 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)    the information contained in the Company's Form 10-Q for the quarter ended June 30, 2014 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 6, 2014

/s/ Stephen P. Holt

Stephen P. Holt
Chief Financial Officer

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Note 1 Earnings Per Share [Abstract] Net Loss Per Share - Note 2 Risks and Uncertainties [Abstract] CONCENTRATION OF SALES TO MAJOR CUSTOMERS - Note3 Inventory Disclosure Inventory - Note 4 Disclosure Of Compensation Related Costs Share-Based Compensation - Note 5 Commitments And Contingencies Disclosure Footnote Commitments and Contingencies - Note 6 Common Stock And Warrants - Note 7 COMMON STOCK AND WARRANTS - Note 7 Notes to Financial Statements New Accounting Pronouncements Disclosure New Accounting Pronouncements Management's Statement Going Concern Principles of Consolidation Net Loss Per Share Share-based Compensation Net Loss Per Share Tables Net Loss Per Share (Tables) Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Inventory Tables Inventory (Tables) Share-Based Compensation Tables Stock-based employee compensation expense Options activity and positions Net Loss Per Share Details Numerator: Net loss available for common shareholders - basic and diluted Denominator: Antidilutive Securities [Axis] Anti-dilutive shares Concentration Risk, Percentage Inventory Components Details Raw materials Finished goods Inventory, net Inventory Narrative Details Inventory allowance Share-based employee compensation expense Shared-Based Compensation Options Activity And Position Details Outstanding shares Weighted-average exercise price of options outstanding Weighted-average remaining contractual term (in years) of options outstanding Aggregate intrinsic value of options outstanding Exercisable shares Weighted-average exercise price of options exercisable Weighted-average remaining contractual term (in years) of options exercisable Aggregate intrinsic value of options exercisable Unrecognized compensation cost related to share-based compensation Weighted-average service period, years Commitments And Contingencies Adverse Purchase Commitments Narrative Details Accrued liability for loss on commitments to purchase materials to support production of PicoP based products Common Stock And Warrants Narrative Details Number of shares of common stock issued Cash received from stock sale, before issuance costs Stock issuance costs Common shares underlying warrants Warrant exercise price, per share Date from which warrants are exercisable Warrant term, in years Warrant terms and provisions Income statement expense catergory containing stock-based compensation expense. Income statement expense catergory containing stock-based compensation expense. Disclosure of compensation related costs, abstract Inventory Disclosure Disclosure of loss per share calculation heading, abstract Disclosure of loss per share calculation heading, abstract Organization consolidation abstract An arrangement whereby an employee is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement. Although there are variations, normally, after vesting, when an option is exercised, the employee-holder pays the strike value in cash to the issuing employer-entity and receives equity shares. The equity shares can be sold into the market for cash at the current market price without restriction. Options may be used to attract, retain and incentivize employees, in addition to their regular salary and other benefits. Income statement expense catergory containing stock-based compensation expense. 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Shared-Based Compensation (Options Activity and Position) (Details) (USD $)
 6 Months Ended
Jun. 30, 2014
Shared-Based Compensation Options Activity And Position Details  
Outstanding shares 2,522,000
Weighted-average exercise price of options outstanding $ 6.68
Weighted-average remaining contractual term (in years) of options outstanding 7 years 292 days
Aggregate intrinsic value of options outstanding $ 287,000
Exercisable shares 929,000
Weighted-average exercise price of options exercisable $ 14.67
Weighted-average remaining contractual term (in years) of options exercisable 5 years 146 days
Aggregate intrinsic value of options exercisable $ 70,000
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CONCENTRATION OF SALES TO MAJOR CUSTOMERS - Note3
 6 Months Ended
Jun. 30, 2014
Risks and Uncertainties [Abstract]  
CONCENTRATION OF SALES TO MAJOR CUSTOMERS - Note3

3. CONCENTRATION OF SALES TO MAJOR CUSTOMERS

For the three and six months ended June 30, 2014, two commercial customers accounted for 90% and 95% of our total revenue, respectively. Three commercial customers accounted for 92% of our net accounts receivable balance at June 30, 2014. For the three and six months ended June 30, 2013, two commercial customers accounted for approximately 93% and 89% of our total revenue, respectively. The accounts receivable balance from these customers was approximately 98% of our net accounts receivable balance at June 30, 2013.

 

 

 
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Common Stock and Warrants (Narrative) (Details) (USD $)
 1 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2014
Mar. 31, 2014
Feb. 28, 2014
Sep. 30, 2013
May 31, 2013
Jun. 30, 2014
Dec. 31, 2013
Common Stock And Warrants Narrative Details              
Number of shares of common stock issued 468,000 7,200,000 3,713,309 3,500,000 2,600,000    
Cash received from stock sale, before issuance costs $ 1,000,000 $ 13,900,000 $ 0 $ 6,600,000 $ 5,850,000 $ 13,734,000 $ 4,262,000
Stock issuance costs $ 96,000 $ 1,000,000   $ 452,000 $ 362,000    
Common shares underlying warrants   2,100,000          
Warrant exercise price, per share   $ 2.47          
Date from which warrants are exercisable   Sep. 30, 2014          
Warrant term, in years   5 years          
Warrant terms and provisions

In June 2014, we entered into an At-the-Market (ATM) equity offering agreement with Meyers Associates, L.P. Under the agreement we may, from time to time, at our discretion offer and sell shares of our common stock having an aggregate value of up to $4.5 million. During June 2014, we received proceeds of approximately $1.0 million before issuance costs of approximately $96,000 from the sale of 468,000 shares of our common stock.

 

 

In March 2014, we raised $13.9 million before issuance costs of approximately $1.0 million through an underwritten offering of 7.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. Each unit was sold to investors for $1.94 and consisted of one share of common stock and one warrant to purchase 0.3 shares of common stock. The warrants have an exercise price of $2.47 per share, are exercisable beginning six months from the date of issuance, and expire on the fifth anniversary of the date of issuance.

 

 

 

 

In February 2014, we issued 3,713,309 shares of our common stock under the exchange provisions of warrants issued in our May and September 2013 registered direct offerings. During the six months ended June 30, 2014, we recognized a loss of $5.0 million on the exchange as the fair market value of the common stock issued was greater than the obligation recorded due to an increase in our stock price since December 31, 2013.

 

 

 

In September 2013, we raised $6.6 million before issuance costs of approximately $452,000 from the sale of 3.5 million shares of common stock and warrants to purchase up to an aggregate of 2.1 million shares of our common stock in a registered direct offering.

 

 

In May 2013, we raised $5.85 million before issuance costs of approximately $362,000 from the sale of 2.6 million shares of common stock and warrants to purchase up to an aggregate of 2.0 million shares of our common stock in a registered direct offering.

 

 

    
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NET LOSS PER SHARE - Note 2
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Net Loss Per Share - Note 2

2. NET LOSS PER SHARE

Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares. Diluted net loss per share for the three and six months ended June 30, 2014 and 2013 is equal to basic net loss per share because the effect of all potential common stock outstanding during the periods, including options, warrants and nonvested equity shares is anti-dilutive. The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Numerator:                        
Net loss available for common shareholders - basic and diluted   $ (3,401)   $ (3,436)   $ (11,419)   $ (7,090)
                         
Denominator:                        
Weighted-average common shares outstanding - basic and diluted       43,015      26,493      38,951      25,870 
                         
Net loss per share - basic and diluted     $ (0.08)   $ (0.13)   $ (0.29)   $ (0.27)

 

We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Publicly Traded Warrants Exercisable     -      753,000      -      753,000 
Options and Private Warrants Exercisable     9,048,000      7,612,000      9,048,000      7,612,000 
Nonvested Equity Shares     60,000      215,000      60,000      215,000 
Total     9,108,000      8,580,000      9,108,000      8,580,000 

 

 

 
XML 21 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2014
Dec. 31, 2013
Current assets    
Cash and cash equivalents $ 12,464 $ 5,375
Accounts receivable, net 54 24
Inventory 31 49
Other current assets 547 336
Total current assets 13,096 5,784
Property and equipment, net 893 1,065
Restricted cash 435 435
Intangible assets 1,079 1,145
Other assets 18 18
Total assets 15,521 8,447
Current liabilities    
Accounts payable 1,715 1,610
Accrued liabilities 2,118 2,455
Billings in excess of costs and estimated earnings on uncompleted contracts 120 680
Warrant liability 0 4,902
Current portion of capital lease obligations 0 15
Total current liabilities 3,953 9,662
Deferred rent, net of current portion 557 481
Total liabilities 4,510 10,143
Commitments and contingencies (Note 6)     
Shareholders equity    
Preferred stock, par value $.001; 25,000 shares authorized; 0 and 0 shares issued and outstanding 0 0
Common stock, par value $.001; 100,000 shares authorized; 43,507 and 32,069 shares issued and outstanding 44 32
Additional paid-in capital 473,095 448,981
Accumulated deficit (462,128) (450,709)
Total shareholders' equity (deficit) 11,011 (1,696)
Total liabilities and shareholders' equity $ 15,521 $ 8,447
XML 22 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Statement of Cash Flows [Abstract]    
Net loss $ (11,419) $ (7,090)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation 250 486
Amortization of intangible assets 66 79
Gain on disposal of property and equipment (28) (2)
Non-cash share-based compensation expense 506 481
Realized loss on warrant exchange 4,967 0
Inventory write-downs 25 303
Non-cash deferred rent (31) 0
Change in:    
Accounts receivable, net (30) 27
Inventory (7) 150
Other current assets (194) 899
Other assets    4
Accounts payable 19 (1,046)
Accrued liabilities (230) (771)
Deferred revenue    (581)
Billings in excess of costs and estimated earnings on uncompleted contracts (560) 765
Net cash used in operating activities (6,666) (6,296)
Cash flows from investing activities    
Decrease in restricted cash 0 1
Proceeds on sale of property and equipment 28 2
Purchases of property and equipment (109) (86)
Net cash used in investing activities (81) (83)
Cash flows from financing activities    
Principal payments under capital leases and long-term debt (15) (75)
Net proceeds from issuance of common stock and warrants 13,851 5,607
Net cash provided by (used in) financing activities 13,836 5,532
Net increase (decrease) in cash and cash equivalents 7,089 (847)
Cash and cash equivalents, at beginning of period 5,375 6,850
Cash and cash equivalents, at end of period 12,464 6,003
Supplemental disclosure of cash flow information    
Cash paid for interest 1 8
Supplemental schedule of non-cash investing and financing activities    
Other non-cash additions to property and equipment 29 386
Issuance of common stock for exchange of warrants 9,869 0
Warrant liability $ 0 $ 3,755
XML 23 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventory Components (Details) (USD $)
Jun. 30, 2014
Dec. 31, 2013
Inventory Components Details    
Raw materials $ 5,000 $ 23,000
Finished goods 26,000 26,000
Inventory, net $ 31,000 $ 49,000
XML 24 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Share-Based Compensation (Schedule Of Stock-Based Compensation Expense By Statement Of Operations) (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Share-based employee compensation expense $ 201,000 $ 96,000 $ 506,000 $ 481,000
Cost of contract revenue
        
Share-based employee compensation expense 0 0 0 4,000
Cost of product revenue
        
Share-based employee compensation expense 0 0 0 1,000
Research and development expense
        
Share-based employee compensation expense (127,000) (72,000) (13,000) 88,000
Sales, marketing, general and administrative expense
        
Share-based employee compensation expense $ 328,000 $ 168,000 $ 519,000 $ 388,000
XML 25 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 26 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
MANAGEMENT'S STATEMENT AND PRINCIPLES OF CONSOLIDATION - Note 1
 6 Months Ended
Jun. 30, 2014
Organization Consolidation Abstract  
Management's Statement and Principles of Consolidation - Note 1

1. MANAGEMENT'S STATEMENT AND PRINCIPLES OF CONSOLIDATION 

Management's Statement

The Condensed Consolidated Balance Sheet as of June 30, 2014, the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013, the Condensed Consolidated Statements of Shareholders' Equity (Deficit), and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2014 and the results of operations and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.

We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from contract revenues, collaborative research and development agreements and product sales. At June 30, 2014, we had $12.5 million in cash and cash equivalents.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations through the fourth quarter of 2014. We will require additional cash to fund our operating plan past that time.

We plan to obtain additional cash through the issuance of equity or debt securities. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially. This limitation of operations could include reducing our planned investment in development projects resulting in reductions in staff, operating costs, property and equipment expenditures and investment in research and development.

Our capital requirements will depend on many factors, including, but not limited to, the rate at which original equipment manufacturers (OEMs) or original device manufacturers (ODMs) introduce products incorporating the PicoP® display and image capture technologies and the market acceptance and competitive position of such products. If revenues are less than anticipated, if the mix of revenues vary from anticipated amounts or if expenses exceed the amounts budgeted, we may require additional capital earlier than expected to further the development of our technologies, for expenses associated with product development, and to respond to competitive pressures or to meet unanticipated development difficulties. In addition, our operating plan provides for the development of strategic relationships with systems and equipment manufacturers that may require additional investments by us.

We have received a report from our independent registered public accounting firm regarding the consolidated financial statements for the year ended December 31, 2013 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. These consolidated financial statements are prepared assuming the Company will continue as a going concern.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and was engaged in advanced research and development activities and operation support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2014.

 
XML 27 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2014
Dec. 31, 2013
Stockholders equity    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 25,000,000 25,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 43,507,000 32,069,000
Common stock, shares outstanding 43,507,000 32,069,000
XML 28 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventory (Tables)
 6 Months Ended
Jun. 30, 2014
Inventory Tables  
Inventory (Tables)

Inventory consists of the following:

          June 30,         December 31,
      2014     2013
Raw materials   $ 5,000    $ 23,000 
Finished goods     26,000      26,000 
    $ 31,000    $ 49,000 

 

 

 
XML 29 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
 6 Months Ended
Jun. 30, 2014
Aug. 01, 2014
Document And Entity Information    
Entity Registrant Name Microvision Inc  
Entity Central Index Key 0000065770  
Document Type 10-Q  
Document Period End Date Jun. 30, 2014  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   43,511,000
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2014  
XML 30 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2014
Share-Based Compensation Tables  
Stock-based employee compensation expense

The following table shows the amount of share-based compensation expense included in the consolidated statements of operations:

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Cost of contract revenue   $ -    $ -    $ -    $ 4,000 
Cost of product revenue     -      -      -      1,000 
Research and development expense     (127,000)     (72,000)     (13,000)     88,000 
Sales, marketing, general and administrative expense     328,000      168,000      519,000      388,000 
Total share-based employee compensation expense   $ 201,000    $ 96,000    $ 506,000    $ 481,000 

 

 

 

 
Options activity and positions

The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2014:

              Weighted      
              Average      
          Weighted   Remaining      
          Average   Contractual     Aggregate
          Exercise   Term     Intrinsic
Options   Shares     Price   (years)     Value
Outstanding as of June 30, 2014   2,522,000    $ 6.68    7.8    $ 287,000 
                     
Exercisable as of June 30, 2014   929,000    $ 14.67    5.4    $ 70,000 

 

 

 

 
XML 31 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Income Statement [Abstract]        
Development revenue $ 268 $ 880 $ 1,461 $ 1,180
Product revenue 19 917 28 2,136
Contract revenue 324 73 341 355
Total revenue 611 1,870 1,830 3,671
Cost of product revenue 33 837 23 1,501
Cost of contract revenue 135 26 144 163
Total cost of revenue 168 863 167 1,664
Gross margin 443 1,007 1,663 2,007
Research and development expense 2,236 2,339 4,779 4,591
Sales, marketing, general and administrative expense 1,869 2,101 3,828 4,504
Gain on disposal of fixed assets (28) 0 (28) (2)
Gain on sale of previously reserved inventory (228) (1) (455) (6)
Total operating expenses 3,849 4,439 8,124 9,087
Loss from operations (3,406) (3,432) (6,461) (7,080)
Loss on warrant exchange 0 0 (4,967) 0
Other income (expense) 5 (4) 9 (10)
Net loss $ (3,401) $ (3,436) $ (11,419) $ (7,090)
Net loss per share - basic and diluted $ (0.08) $ (0.13) $ (0.29) $ (0.27)
Weighted-average shares outstanding - basic and diluted 43,015 26,493 38,951 25,870
XML 32 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
COMMITMENTS AND CONTINGENCIES - Note 6
 6 Months Ended
Jun. 30, 2014
Commitments And Contingencies Disclosure Footnote  
Commitments and Contingencies - Note 6

6. COMMITMENTS AND CONTINGENCIES

Litigation

On March 31, 2014, Asia Optical Co., Inc., a supplier pursuant to an agreement entered into in 2008, filed a complaint for arbitration with the American Arbitration Association claiming that we ordered products from them and failed to take delivery of and pay for such products. The relief sought in the complaint is $3.6 million plus attorneys' fees, interest and arbitration costs. We are defending against the claim. An adverse outcome of these proceedings could materially and adversely affect our financial condition. At this stage, we cannot predict the likelihood of an unfavorable outcome or the range of potential loss.

We are also subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any other legal proceedings that management believes are reasonably possible to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Adverse purchase commitments

We have periodically entered into noncancelable purchase contracts in order to ensure the availability of materials to support production of products based on our PicoP display technology. We periodically assess the need to provide for impairment on these purchase contracts and record a loss on purchase commitments when required. As of June 30, 2014 and December 31, 2013 we had $500,000 accrued for adverse purchase commitments related to these purchase contracts.

 

 

 
XML 33 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
SHARE-BASED COMPENSATION - Note 5
 6 Months Ended
Jun. 30, 2014
Disclosure Of Compensation Related Costs  
Share-Based Compensation - Note 5

5. SHARE-BASED COMPENSATION

We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award. The following table shows the amount of share-based compensation expense included in the consolidated statements of operations:

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Cost of contract revenue   $ -    $ -    $ -    $ 4,000 
Cost of product revenue     -      -      -      1,000 
Research and development expense     (127,000)     (72,000)     (13,000)     88,000 
Sales, marketing, general and administrative expense     328,000      168,000      519,000      388,000 
Total share-based employee compensation expense   $ 201,000    $ 96,000    $ 506,000    $ 481,000 

Options Activity and Positions

The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2014:

              Weighted      
              Average      
          Weighted   Remaining      
          Average   Contractual     Aggregate
          Exercise   Term     Intrinsic
Options   Shares     Price   (years)     Value
Outstanding as of June 30, 2014   2,522,000    $ 6.68    7.8    $ 287,000 
                     
Exercisable as of June 30, 2014   929,000    $ 14.67    5.4    $ 70,000 

As of June 30, 2014, our unamortized share-based employee compensation was $1.4 million which we plan to amortize over the next 2.7 years and our unamortized share-based compensation related to restricted stock units was $89,000 which we plan to amortize over the next 0.9 years.

 

 
XML 34 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventory (Narrative) (Details) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Inventory Narrative Details      
Inventory write-downs $ 25,000 $ 303,000  
Inventory allowance $ 7,605,000   $ 7,964,000
XML 35 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Loss Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Net Loss Per Share Details          
Net loss available for common shareholders - basic and diluted $ (3,401) $ (3,436) $ (11,419) $ (7,090) $ (13,178)
Weighted-average shares outstanding - basic and diluted 43,015 26,493 38,951 25,870  
Net loss per share - basic and diluted $ (0.08) $ (0.13) $ (0.29) $ (0.27)  
XML 36 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
Management's Statement

Management's Statement

The Condensed Consolidated Balance Sheet as of June 30, 2014, the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013, the Condensed Consolidated Statements of Shareholders' Equity (Deficit), and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2014 and the results of operations and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.

We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from contract revenues, collaborative research and development agreements and product sales. At June 30, 2014, we had $12.5 million in cash and cash equivalents.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations through the fourth quarter of 2014. We will require additional cash to fund our operating plan past that time.

We plan to obtain additional cash through the issuance of equity or debt securities. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially. This limitation of operations could include reducing our planned investment in development projects resulting in reductions in staff, operating costs, property and equipment expenditures and investment in research and development.

Our capital requirements will depend on many factors, including, but not limited to, the rate at which original equipment manufacturers (OEMs) or original device manufacturers (ODMs) introduce products incorporating the PicoP® display and image capture technologies and the market acceptance and competitive position of such products. If revenues are less than anticipated, if the mix of revenues vary from anticipated amounts or if expenses exceed the amounts budgeted, we may require additional capital earlier than expected to further the development of our technologies, for expenses associated with product development, and to respond to competitive pressures or to meet unanticipated development difficulties. In addition, our operating plan provides for the development of strategic relationships with systems and equipment manufacturers that may require additional investments by us.

 

 

 

 

 
Going Concern

We have received a report from our independent registered public accounting firm regarding the consolidated financial statements for the year ended December 31, 2013 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. These consolidated financial statements are prepared assuming the Company will continue as a going concern.

 

 

 
Principles of Consolidation

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and was engaged in advanced research and development activities and operation support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2014.

 

 

 
Net Loss Per Share

Net Loss Per Share

 

Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares.

 

 
Share-based Compensation

We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award.

 

 
XML 37 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
COMMON STOCK AND WARRANTS - Note 7
 6 Months Ended
Jun. 30, 2014
Common Stock And Warrants - Note 7  
COMMON STOCK AND WARRANTS - Note 7

7. COMMON STOCK AND WARRANTS

In June 2014, we entered into an At-the-Market (ATM) equity offering agreement with Meyers Associates, L.P. Under the agreement we may, from time to time, at our discretion offer and sell shares of our common stock having an aggregate value of up to $4.5 million. During June 2014, we received proceeds of approximately $1.0 million before issuance costs of approximately $96,000 from the sale of 468,000 shares of our common stock.

In March 2014, we raised $13.9 million before issuance costs of approximately $1.0 million through an underwritten offering of 7.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. Each unit was sold to investors for $1.94 and consisted of one share of common stock and one warrant to purchase 0.3 shares of common stock. The warrants have an exercise price of $2.47 per share, are exercisable beginning six months from the date of issuance, and expire on the fifth anniversary of the date of issuance.

In September 2013, we raised $6.6 million before issuance costs of approximately $452,000 from the sale of 3.5 million shares of common stock and warrants to purchase up to an aggregate of 2.1 million shares of our common stock in a registered direct offering.

In May 2013, we raised $5.85 million before issuance costs of approximately $362,000 from the sale of 2.6 million shares of common stock and warrants to purchase up to an aggregate of 2.0 million shares of our common stock in a registered direct offering.

In February 2014, we issued 3,713,309 shares of our common stock under the exchange provisions of warrants issued in our May and September 2013 registered direct offerings. During the six months ended June 30, 2014, we recognized a loss of $5.0 million on the exchange as the fair market value of the common stock issued was greater than the obligation recorded due to an increase in our stock price since December 31, 2013.

 

 
XML 38 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
NEW ACCOUNTING PRONOUNCEMENTS - Note 8
 6 Months Ended
Jun. 30, 2014
New Accounting Pronouncements Disclosure  
New Accounting Pronouncements

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers, an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards and GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and improve guidance for multiple-element arrangements. ASU 2014-09 will be effective in the first quarter of fiscal 2017 and may be applied on a full retrospective or modified retrospective approach. We are still evaluating the impact of implementation of this standard on our financial statements.

 

 

 
XML 39 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Loss Per Share (Tables)
 6 Months Ended
Jun. 30, 2014
Net Loss Per Share Tables  
Net Loss Per Share (Tables)

The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Numerator:                        
Net loss available for common shareholders - basic and diluted   $ (3,401)   $ (3,436)   $ (11,419)   $ (7,090)
                         
Denominator:                        
Weighted-average common shares outstanding - basic and diluted       43,015      26,493      38,951      25,870 
                         
Net loss per share - basic and diluted     $ (0.08)   $ (0.13)   $ (0.29)   $ (0.27)

 

 

 

 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:

      Three Months Ended     Six Months Ended
      June 30,     June 30,
      2014     2013     2014     2013
Publicly Traded Warrants Exercisable     -      753,000      -      753,000 
Options and Private Warrants Exercisable     9,048,000      7,612,000      9,048,000      7,612,000 
Nonvested Equity Shares     60,000      215,000      60,000      215,000 
Total     9,108,000      8,580,000      9,108,000      8,580,000 

 

 

 

 
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Concentration of Sales to Major Customers (Narrative) (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Customer Revenue Concentration
        
Concentration Risk, Percentage 90.00% 93.00% 95.00% 89.00%
Accounts Receivable Concentration
        
Concentration Risk, Percentage     92.00% 98.00%
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Share-Based Compensation (Narrative) (Details) (USD $)
 6 Months Ended
Jun. 30, 2014
Employee Stock Options
  
Unrecognized compensation cost related to share-based compensation $ 1,400,000
Weighted-average service period, years 2 years 256 days
Restricted Stock Rights
  
Unrecognized compensation cost related to share-based compensation $ 89,000
Weighted-average service period, years 0 years 329 days
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Consolidated Statements of Shareholders' Equity (USD $)
Common stock
Additional paid-in capital
Accumulated deficit
Total
Beginning balances at Dec. 31, 2012 $ 25,000 $ 442,560,000 $ (437,531,000) $ 5,054,000
Beginning balances, shares at Dec. 31, 2012 25,237,000      
Share-based compensation expense 0 1,589,000 0 1,589,000
Share-based compensation expense, shares 323,000      
Exercise of warrants and options 0 41,000 0 41,000
Exercise of warrants and options, shares 23,000      
Sales of common stock and warrants 7,000 4,255,000 0 4,262,000
Sales of common stock and warrants, shares 6,128,000      
Exchange of warrants 0 536,000 0 536,000
Exchange of warrants, shares 358,000      
Net loss 0 0 (13,178,000) (13,178,000)
Ending balances at Dec. 31, 2013 32,000 448,981,000 (450,709,000) (1,696,000)
Ending balances, shares at Dec. 31, 2013 32,069,000      
Share-based compensation expense 0 523,000 0 523,000
Share-based compensation expense, shares 97,000      
Sales of common stock and warrants 8,000 13,726,000 0 13,734,000
Sales of common stock and warrants, shares 7,628,000      
Exchange of warrants 4,000 9,865,000 0 9,869,000
Exchange of warrants, shares 3,713,000      
Net loss 0 0 (11,419,000) (11,419,000)
Ending balances at Jun. 30, 2014 $ 44,000 $ 473,095,000 $ (462,128,000) $ 11,011,000
Ending balances, shares at Jun. 30, 2014 43,507,000      
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INVENTORY - Note 4
 6 Months Ended
Jun. 30, 2014
Inventory Disclosure  
Inventory - Note 4

4. INVENTORY

Inventory consists of the following:

          June 30,         December 31,
      2014     2013
Raw materials   $ 5,000    $ 23,000 
Finished goods     26,000      26,000 
    $ 31,000    $ 49,000 

The inventory at June 30, 2014 and December 31, 2013 consisted of components and finished goods primarily composed of our accessory pico projectors. Inventory is stated at the lower of cost or market. Management periodically assesses the need to provide for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when required. In addition, we reduce the value of our inventory to its estimated scrap value when management determines that it is not probable that the inventory will be consumed through the normal course of business during the next twelve months. During the six months ended June 30, 2014, we recorded inventory write-downs of $25,000. In 2013, we recorded inventory write-downs of $303,000. At June 30, 2014 and December 31, 2013, we have recorded aggregate write-downs of $7,605,000 and $7,964,000, respectively, offsetting inventory deemed to be obsolete or scrap inventory. From time to time, we may enter into arrangements to sell the obsolete or scrap inventory, or enter into consignment agreements with third-parties to sell the units, resulting in a gain in the period such transactions are realized.

 

 
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Commitments and Contingencies (Adverse Purchase Commitments Narrative) (Details) (USD $)
Jun. 30, 2014
Dec. 31, 2013
Commitments And Contingencies Adverse Purchase Commitments Narrative Details    
Accrued liability for loss on commitments to purchase materials to support production of PicoP based products $ 500,000 $ 500,000
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Net Loss Per Share (Convertible Securities and Options Excluded Narrative) (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Anti-dilutive shares 9,108,000 8,580,000 9,108,000 8,580,000
Publicly Traded Warrants Exercisable
        
Anti-dilutive shares 0 753,000 0 753,000
Options and Private Warrants Exercisable
        
Anti-dilutive shares 9,048,000 7,612,000 9,048,000 7,612,000
Nonvested Equity Shares
        
Anti-dilutive shares 60,000 215,000 60,000 215,000